SIAM FUTURE DEVELOPMENT PUBLIC CO., LTD. Corporate Presentation 201 8
Outline Overview Financial Summary Project Update 2
Overview Founded : 1994 Vision “Unlike other developers, we create a place for people Staff: 78 first then for business . “ Centers: 19 3
Development Timeline 2011 - Open 1 st IKEA Store in Thailand - Open ‘ Nawamin Festival Walk’ 1994 2002 2017 Established “Siam Future Listed in MAI and - Open “ Plot H at Megabangna ” Development” opened ‘ Thonglor ’ - Open ’Marketplace Nanglinchee Phase 1’ 1995 Opened first open-air 2006 shopping center Completed ‘ Changwattana ’, 2018 2003 ‘ Bangbon ’ ‘La - villa’ and ’Esplanade’ - Open ‘Plot A at Megabangna ’ Listed in SET - Open ‘ Marketplace Nanglinchee 1998 PP to Major Cineplex Group and Phase 2 ’ Opened opened ’ Thungmahamek ’ ‘Sukhumvit 71’ 2019 - Open ‘Marketplace Dusit’ 2004 - Open ‘Marketplace Sukabhiban 3 2007 Opened ’ Changwattana ’, Renovation’ Opened ’Pattaya’ and 2012 ’Ladprao 120 ’, ‘Chachoengsao’, 1996 Open ‘ Megabangna ‘ ‘Kao -yai ’ ‘ Piyarom Place’ and ’J Avenue’ Opened ’ Prachautid ’ and ‘ Sukaphiban 3 ’ 2005 Opened ’ Wanghin 2’ , 2000 ’Petchkasem’ and ’ Ekkamai ’ Opened 2 Convenient centers and 8 B-quik centers 2008 2009 Opened ‘ Nawamin ’ Opened ‘ Nawamin City Avenue’ and ‘ Ratchayothin ’ 4
Leasable Area and Occupancy 2016 2017 2018 Average size Format No. of GLA GLA No. of GLA (sq.m.) (sq.m.) No. of centers centers (sq.m.) centers (sq.m.) Lifestyle Center 6 77,709 6 77,709 6 77,984 12,000 Power Center 3 67,217 3 67,217 3 70,076 20,000 Entertainment 1 43,241 1 43,241 1 42,733 42,000 Center Neighborhood 7 38,389 7 42,000 6 43,164 7,000 Center Convenience 2 1,178 2 1,178 - - - Center Automotive 2 829 2 997 2 871 400 Service center Super Regional 1 180,000 1 191,216 1 191,216 190,000 Total 22 408,563 22 423,558 19 426,720 Occupancy rate 98% 93 % 92% Note: GLA = Gross Leasable Area 5
Our Portfolio Neighborhood Center: Entertainment Center: Lifestyle Center: Esplanade Market Place Thonglo, Sukaphiban 3, J Avenue, La Villa, Nawamin City Avenue, Nawamin, Bangbon, Prachautid The Avenue Changwattana, Pattaya Avenue, The Avenue Ratchayothin Power Center: Super Regional Mall: Petchkasem, Ekkamai, Chachoengsao Mega Bangna 6
Shareholding Structure Jantaraprapa Group 17% Pojkasemsin Witoonchart Group Group 11% 43% Major Suttapong Cineplex Group Management 29% Group PLC. 23% 26% Local Institution 13% Foreigners 34% Free float 51% Retail 53% Number of shares: 1,776.61 Million Source: Shareholder list as of Dec 28, 2018 7
Outline Overview Financial Summary Project Update 8
Balance Sheet Million Baht 25,000 19,375 20,000 17,240 14,920 14,422 15,000 12,592 11,144 9,632 8,906 10,000 6,783 6,095 5,516 5,289 5,000 0 Y2015 Y2016 Y2017 Y2018 Assets Liabiilites Equity 9
Income Statement (Management Account) (Million Baht) 2015 2016 2017 2018 1 Recurring Revenue 1,429 1,431 1,414 1,455 2 Cost of rental & service (909) (911) (932) (990) 3 Gross profit 520 520 482 464 4 SG&A (233) (238) (242) (256) 5 EBIT 287 282 239 208 6 Interest expenses (96) (75) (71) (75) 7 Income tax (38) (46) (22) (29) 8 Minority (21) (18) (17) (17) 9 Recurring profit (excl. Megabangna) 131 143 130 88 10 Profit from joint venture 201 281 370 394 11 Total recurring profit 332 424 499 482 %growth (YOY) 30% 28% 18% (3%) Total recurring profit per share (Baht/share) 0.20 0.24 0.28 0.27 Add: Fair value adjustment on IP * – SF (after tax) 12 679 246 253 343 13 Fair value adjustment on IP – Megabangna (49%) 397 294 1,088 828 14 Net profit 1,408 964 1,841 1,654 Earnings per share (EPS) (Baht/share) 0.85 0.54 1.04 0.93 98 % 98 % Average Occupancy Rate (%) 93% 92% Average number of shares (million shares) 1,665 1,777 1,777 1,777 0.30 Dividend per share (Baht/share) 0.15 0.20 0.25 (หุ้นปันผล 5:1 และเงินปันผล 0.10) Dividend Yield (%) 2.40% 3.25% 3.21% 2.72% 10 Remarks: * Fair value adjustment on Investment Property= Depreciation & Amortization + Gain (Loss) from revaluation
Profit Structure Megabangna’s Recurring Profit Million Baht Esplanade, 1,000 8% 879 900 813 800 J Avenue, 700 634 3% 600 La Villa, 3% 474 Megabangna, 500 Petchkasem 393 83% 400 , 2% 240 300 Others, 1% 200 89 100 - 2012 2013 2014 2015 2016 2017 2018 (8m) As of 31 Dec 2018 11
Rental Structure by GLA by Revenue 21% 15% Revenue Sharing Revenue Sharing 85% 79% Fixed Rent Fixed Rent As of 31 Dec 2018 12
Costs Breakdown SG&A Breakdown Marketing Land Rent Admin Depreciation & 19% 19% Amortization 17% Depreciation 29% 5% Operating 22% Personnel Utilities 57% 32% As of 31 Dec 2018 13
Debt Structure As of Dec-17 As of Dec-18 Total Debt = 2,221 million Baht Total Debt = 2,536 million Baht Average interest rate = 3.76% Average interest rate = 3.89% Debts Structure Interest Bearing Debts to Equity Ratio 0.3 0.22 Short-term Bond 0.20 0.20 loans 39% 0.2 34% 0.16 0.1 Long-term loans 27% 0 Y2015 Y2016 Y2017 Y2018 As of Dec 18 14
Stock Information and Dividend INDEX 2015 2016 2017 2018 SET Index 1,288 1,543 1,754 1,564 SF (stock price) 6.25 6.15 7.80 7.35 Market Cap (MB) 11,104 10,926 13,858 13,058 Dividend Summary Par Value (Baht) 1.00 1.00 1.00 1.00 Dividend Paid (MB) 266 355.3 444.2 355.3* 0.30 Dividend/share (Baht) 0.15 0.20 0.25 (หุ้นปันผล 5:1 และ เงินปันผล 0.10) * Dividend Payout Ratio 80% 84% 89% 111%* * Dividend for year 2018 will be approved in AGM 2019 Statistics as of 11 Feb 19* Stock Price 7.85 Par Value (Baht) 1.00 Share Capital (M shares) 1,776.61 P/E (times) 7.56 Market Cap (MB) 13,946 P/BV (times) 1.3 * Source: www.set.or.th 15
Presentation Agenda Overview Financial Summary Project Update 16
Expansion Plan* GLA (sq.m.) 98% 98% 98% 97% 97% 500,000 94% 93% 93% 92% 6,540 450,000 18,000 18,000 4,956 4,956 11,216 11,216 11,216 6,500 6,500 400,000 6,500 350,000 180,000 180,000 180,000 180,000 180,000 180,000 180,000 180,000 300,000 250,000 200,000 231,795 229,600 229,600 228,906 228,563 228,563 224,120 225,842 224,048 224,096 150,000 100,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 (F) Existing Mega Bangna Nanglinchee P.1 Mega Bangna Expansion (Plot H) Nanglinchee P.2 Mega Bangna Expansion (Plot A) Dusit Occupancy rate * Subject to change upon future situation 17
Expansion Plan* Project Objective Existing GLA Future GLA CAPEX Target Opening (sq.m.) (sq.m.) (mil baht) Date SF • Nanglinchee Neighborhood Center 2,900 11,456 660 Phase 1: Nov-17 (expansion) Phase 2: Dec-18 • Sukapiban 3 Neighborhood Center 7,081 7,129 185 Jan-19 (renovation) • Dusit Neighborhood Center - 6,540 295 Feb-19 • Thonglor 4 Mixed Use 3,600 20,000 1,000 Y2021 (redevelopment) Sub-Total 13,581 45,125 2,140 Mega Bangna & Megacity • Plot A (land lease Outdoor - 18,000 150 Jan-19 to Apr-19 only) entertainment + Leisure for family • Plot D Edutainment - 8,500 350 Feb-19 to Jun-19 • U-Turn bridge - - 95 Q4-19 Sub-Total - 26,500 595 Total 13,581 71,625 2,735 18 * Subject to change upon future situation
Marketplace Nanglinchee (Expansion) Shopping centre format Neighborhood center GLA 11,000 sq.m. Anchor Tops Market, Homepro S Target Opening Phase 1: Nov-17 Phase 2: Dec-18 19
Market Place Dusit Shopping centre format Neighborhood center GLA 6,540 sq.m. Anchor Tops Market Target Opening Feb-19 20
Marketplace Thonglor4 (Redevelopment) Shopping centre format Mixed Use Project GLA 20,000 sq.m. Anchor Retail and Office Target Opening Y2021 21
Megabangna, Fact Sheet Land Area 254 Rais (406,400 sq.m.) Tenants Building Area 400,000 sq.m. - In line units 511 shops Leasable Area 191,216 sq.m. - Common area units 355 shops Opening 5 May 2012 Parking Space 8,160 cars & 1,587 motorcycles 23
Megabangna, Tenants Mix Anchors: 102,000 sq.m. 53% 33% 14% Mini-anchors: 26,500 sq.m. Tenants: 62,716 sq.m. 24
Megabangna Transformation toward Megacity 25
Mega Bangna & Mega City: Land Plot Summary Bangna-trad Road 26
Retail Expansion and Parking Deck Project Location Plot H Land Area 6.5 Rai Leasable Area 11,216 sq.m. Parking Space 1,100 cars Opening Dec-17 27
Plot H: Tenants
Retail Expansion – Outdoor Entertainment & Leisure Mega Bangna Community Park Project Location Plot A Leasable Area 18,000 sq.m. Tenants Marvel Experience, Didsayasarin Int’School , Movement Playground Opening Jun-18 to Apr-19 29
Retail Expansion – Edutainment Project Location Plot D Leasable Area 8,500 sq.m. Tenants Harborland, Clayworks, Kumon, Bangkok Dance Opening Feb-19 to Jun-19 30
New U-Turn Bridge Existing U-Turn Bridge New U-Turn Bridge New U-Turn bridge will connected with Burapha Withi Expressway ramp CAPEX: 95 MB Target Opening: Quarter 4-2019 31
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